China's Central SOEs Report Robust Profit Growth In Q1

China's centrally-administered state-owned enterprises (SOEs) saw robust growth in their profits in the first quarter of 2021, the country's state asset regulator said Friday

BEIJING, (UrduPoint / Pakistan Point News - 17th Apr, 2021 ) :China's centrally-administered state-owned enterprises (SOEs) saw robust growth in their profits in the first quarter of 2021, the country's state asset regulator said Friday.

The combined net profits of central SOEs expanded 220 percent year on year to 415.29 billion Yuan (about 63.6 billion U.S. Dollars) in the first three months, an increase of 31.1 percent over the same period in 2019, the State-owned Assets Supervision and Administration Commission (SASAC) of the State Council told a press conference.

As of this March, monthly net profits of China's central SOEs have exceeded 100 billion yuan for the 11th consecutive month to a record high of 180.79 billion yuan, a 350 percent expansion from a year ago, the SASAC said. The figure is also 26.3 percent higher than that of March 2019.

The country's 97 central SOEs raked in 7.8 trillion yuan in combined revenues during the January-March period, up 30.1 percent year on year. In March alone, revenues of central SOEs jumped 34.6 percent from a year earlier to 3 trillion yuan, setting an all-time record.